Your answer is correct. What is the annual percentage rate (APR) on a loan that charges Interest of 0.85 percent per month? (Round answer to 2 decimal places, e.g., 2.25.) Annual percentage rate 10.20 % Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 1 of 2 used (b) x Your answer is incorrect. Try again. What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, e.g., 2.25.) X Effective annual rate 1.10 % Click if you would like to Show Work for this question: Open Show Work